AKIPRESS.COM - Canada's Kincora Copper Limited has reached agreement providing for the merger of two Kincora subsidiaries with Ibex Land Mongolia LLC and Ibex Mongolia LLC, entities indirectly controlled by High Power Exploration Inc.

The transaction will result in a consolidated landholding of over 1,500 km2, the majority of the prospective exploration licenses which dominate a key geological trend between and along strike from the Oyu Tolgoi and Tsagaan Suvarga copper mines, supporting an industry leading proposition of copper/gold and gold targets.

"The merger is an opportunity that wouldn't be available at other points of the Mongolian and commodity cycles, is at an attractive scrip acquisition price, with involvement of one of the industry's leading groups who will be a new shareholder and provide proprietary technical services," the Kincora's statement states.

"Kincora has been one of the most active copper exploration groups in the Southern Gobi for 5 years and with this transaction gains a number of advanced stage and large scale exploration targets supported by one of the largest regional geological and geophysical databases globally, which have had little or no drilling. The merger will support considerable synergies, scale and strategic appeal to our existing Bronze Fox and Tourmaline Hill Intrusive Complex targets, the recently secured Ulaan Khudag license and securing additional prospective land."